Vietnamese shares ended Wednesday morning on a negative note, dragged down by energy and financial-banking companies. Brokers at work at MB Securities JSC in Hanoi. The benchmark VN Index on the Ho Chi Minh Stock Exchange inched down 0.19 per cent to close at 903.67 points. The southern market index reversed its gains from as much as 0.57 per cent made earlier in the day. It was down 1.39 per cent on Tuesday. The HNX Index on the Ha Noi Stock Exchange fell 0.46 per cent to end at 102.00 points. The northern market index lost 0.87 per cent in the previous session. Petroleum stocks led the market downturn on Thursday morning as investors worried about the decline of crude prices. Brent crude dropped 0.37 per cent to trade at US$65.23 a barrel on Thursday morning. Among local energy stocks that suffered were PetroVietnam Gas (GAS), PetroVietnam Technical Services (PVS) and PetroVietnam Coating Corp (PVB), falling at least three per cent each. Financial-banking stocks also lost … [Read more...] about Petroleum, finance stocks drag market down
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CPTPP approval lifts export stocks
The approval of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) trade pact helped lift export stocks while other sectors ended Tuesday deep in negative territory. The benchmark VN Index on the Ho Chi Minh Stock Exchange dropped 1.39 per cent to close at 905.38 points. It gained 0.42 per cent on Monday.-VNA/VNS Photo The benchmark VN Index on the Ho Chi Minh Stock Exchange dropped 1.39 per cent to close at 905.38 points. It gained 0.42 per cent on Monday. The HNX Index on the Ha Noi Stock Exchange lost 0.87 per cent to end at 102.47 points, retreating from a 0.35 per cent gain made in the previous day. Export industries such as the seafood and textile-garment sectors benefited from the National Assembly’s vote to approve Viet Nam’s membership in the CPTPP trade pact on Monday, which connects 11 economies across the Asia-Pacific region and goes into effect next year. Exports are projected to grow by 4.2 per cent, Bao Viet Securities JSC (BVSC) … [Read more...] about CPTPP approval lifts export stocks
Wall Street dives into the red, losses sparked by Apple fears
US stocks crumbled on Monday (Nov 12), with a sell-off initially sparked by fears of weakening demand for Apple's iPhone spreading to the rest of the market. Photo: ISAAC LAWRENCE / AFP The losses compounded declines from the end of the prior week, when fears for global economic growth and inflationary pressures prompted investors to retreat. The benchmark Dow Jones Industrial Average fell 602.12 points, losing 2.32 per cent to settle at 25,387.18. The broader S&P 500 fell 54.79 points (1.97 per cent) to finish at 2,726.22, while the tech-heavy Nasdaq sank the deepest, losing 206.03 points (2.78 per cent) to close at 7,200.87. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, and embattled engineering giant General Electric had its lowest close in nearly a decade. Earlier, the VIX, a measure of market volatility, had hit its highest level in a week. By mid-afternoon, the broad-based slide prompted President Donald Trump to point the … [Read more...] about Wall Street dives into the red, losses sparked by Apple fears
SoftBank unveils massive $21 bn IPO of Japan mobile unit
TOKYO: Telecoms giant SoftBank will list shares in its Japanese mobile unit next month in a sale that could raise over $21 billion and be one of the biggest tech IPOs in years. Softbank's IPO will help raise funds for the company as it transforms from a telecoms giant into an investment firm. (Photo: AFP/Kazuhiro NOGI) The IPO will help raise funds for the company as it increasingly transforms into an investment firm, ploughing money into a broad range of companies and projects around the world. The IPO will take place in Tokyo on Dec 19 and will offer 1.6 billion shares in the SoftBank Corp mobile unit at 1,500 yen (US$13) each. That values the mobile unit at 7.18 trillion yen, and the IPO could be Japan's biggest-ever, local media said. The company had announced in February that it was going ahead with the IPO after media speculation about the plan. It said then that the listing would give the mobile unit "greater managerial autonomy." In its announcement Monday, SoftBank … [Read more...] about SoftBank unveils massive $21 bn IPO of Japan mobile unit
Work still to do for public companies
A new study has uncovered worrying trends on the operation of Vietnamese businesses over the past four years. According to PwC Vietnam’s assessment findings, local companies are lagging behind most regional and global peers. Flat margins and returns on capital employed, and deteriorating working capital performance in the wake of a lengthening cash-to-cash cycle were highlighted in the study. Titled “Cash for growth or growth for cash?”, the assessment features analysis of the past four years of the largest 400 companies by revenue, across 14 sectors listed on both the Ho Chi Minh City Stock Exchange (HSX) and the Hanoi Stock Exchange (HNX). Top companies have been growing in line with economic growth, at 6.1 per cent per annum for the fiscal year between 2013-2017, thanks to a conducive monetary policy and high foreign direct investment flows. However, margin growth has been flat for the same period due to expenses outgrowing revenues. Moreover, there was a … [Read more...] about Work still to do for public companies